VOLUME 59, NUMBER 3
■
TERRY COLLEGE OF BUSINESS
■
MAY-JUNE 1999
ECONOMIC IMPACT OF
THE UNIVERSITY OF GEORGIA
ON THE ATHENS AREA
Jeffrey M. Humphreys
David G. Clements
JoAnne Lowe
Tracie W. Sapp
ow much does the Athens MSA benefit economically by having the University of Georgia located there? Most often, the benefits are
discussed in broad terms that do not include
the economic linkages between the academic
community and the community as a whole.
This article estimates the benefits to the Athens MSA
(Clarke, Madison, and Oconee counties) of three important categories of university-related expenditures: spending by UGA itself, spending by the UGA Athletic Association and visitors attending sports events, and spending by UGA students. The estimates are based on a
regional input-output model of the local economy, certain necessary assumptions, and readily available data
H
regarding annual spending of these three groups in fiscal
year 1998.
The original study (upon which this article is based)
does not account for all of the short-term impacts of the
University on the Athens MSA, however, because to do
so would require collecting survey data, a task beyond
the resources available. For example, several sources of
university-related spending are identified, but no dollar
amounts are estimated for them. The study also does not
quantify the many long-term benefits flowing to the
region’s economic development through the presence of
UGA, nor does it measure intangible benefits (such as
cultural opportunities, intellectual stimulation, and volunteer work) to Athens and its residents. Finally, the
Upcoming: Important Issues and Trends for the Next Millennium
2
ECONOMIC IMPACT HIGHLIGHTS
In the simplest and broadest terms, the total economic impact of university-related spending in FY 1998
on the Athens MSA is estimated at $966 million. Of this
total, $671 million (69 percent) is the direct impact of
spending and $295 million (31 percent) is the induced or
re-spending (multiplier) impact. Table 1 shows in more
detail how the output impacts are created.
Dividing the total output impact by combined direct
spending and re-spending yields an average multiplier
value of 1.44. On average, therefore, every dollar of
direct university-related spending generates an additional 44 cents for the Athens MSA’s economy. Earnings
going to Athens residents account for $455 million (47
percent) of the total output impact. (See Table 2 for a
more detailed explanation of the earnings impacts.)
GEORGIA BUSINESS AND
ECONOMIC CONDITIONS
May-June 1999
Volume 59, number 3
SELIG CENTER FOR
ECONOMIC GROWTH
P. George Benson
Dean
Lorena M. Akioka
Editor
Suzanne A. Lindsay
Research Coordinator
In general, more than one job in five in the Athens
area owes its existence to UGA-related spending. As
Table 3 shows, the University’s presence results in
16,299 full- and part-time jobs, of which 6,988 are paid
employees of either UGA or UGA’s Athletic Association, and 9,311 are those whose jobs depend upon university-related spending. Employment generated directly
or indirectly by UGA-related spending accounts for
more than 22 percent of all the jobs held by local
residents.
EXHIBIT 1
Schematic Representation
of Impact Relationships
Direct
Expenditures
+
Induced Impact
(Multiplier Effect)
=
study is not a net benefit analysis; it estimates only
economic benefits and does not calculate what the presence of UGA costs the community.
Total Direct
Economic Impact
Jeffrey M. Humphreys
Director
Economic Forecasting
Beata D. Kochut
Data Collection Coordinator
GEORGIA BUSINESS AND ECONOMIC CONDITIONS
(ISSN 0297-3857) is published bimonthly by the Simon S.
Selig, Jr. Center for Economic Growth, Terry College of
Business, The University of Georgia, as a service to the
business and academic communities. Signed articles reflect
the author’s opinion but not necessarily those of the Selig
Center for Economic Growth, Terry College of Business , or
The University of Georgia. This publication is sent free of
charge upon request.
Total Economic Impact
Manuscripts and letters to the Editor should be sent directly
to us. Postmaster send address changes to: Selig Center
for Economic Growth, Terry College of Business, The University of Georgia, Athens, GA 30602-6269.
Periodicals postage paid at Athens, Georgia
Georgia Business and Economic Conditions
3
TABLE 1
The Economic Impact of UGA, Associated Institutions,
and UGA Students on the Athens MSA
in FY 19981
(milliions of dollars)
Expenditure
Source
UGA2
Salaries & Benefits
Operating Expenses
Construction
Sub-total
Expenditures
in Athens MSA
Total Output
Impact
261.9
92.8
65.0
419.8
474.2
94.5
104.7
673.4
6.3
6.9
4.3
11.4
1.4
30.2
11.3
10.7
6.9
14.0
1.7
44.6
Students
Retail
Shelter
Utilities
Restaurants
Entertainment
Other
Sub-total
97.3
58.9
22.5
16.1
14.7
11.7
221.2
78.5
68.8
30.0
25.5
25.5
19.8
248.1
Grand Total
671.1
966.1
Athletic Association
Salaries & Benefits
Operating Expenses
Construction
Football Spectators3
Basketball & Gymnastics Spectators3
Sub-total
1
Fiscal year 1998 is July 1, 1997 through June 30, 1998. The Athens MSA includes Clarke, Madison, and Oconee counties.
2
Totals do not include salaries paid to graduate assistants and student employees.
3
To avoid double counting, monies paid to the University of Georgia Athletic Association, Inc. are not included
Source: The University of Georgia, Selig Center for Economic Growth, Terry College of Business, and the Office of Institutional
Research and Planning (August 1998).
THE CONCEPT OF
ECONOMIC IMPACT
Short-term economic impacts are the net changes in
regional output, earnings, and employment that are due to
new dollars flowing into a region from a given enterprise
or event of economic development. In this study, the
enterprise is the University of Georgia, and the region is
the Athens MSA, consisting of Clarke, Oconee, and
Madison counties. The effects of expenditures that go to
persons, businesses, or governments located outside the
region are not included in the impact estimates.
By definition, economic impacts are the changes that
May-June 1999
occur in the region’s industries (including households)
when they produce goods and services to satisfy demand
by consumers, businesses, investors, or governments
that are from outside the region. Throughout this study,
expenditures that represent the regional repercussions
of spending originating from outside the region are
counted as economic impacts. Because local residents
who want to attend a four-year university would have to
go elsewhere if UGA were not here, the spending of the
area’s residents who are students at the University of
Georgia also is counted as an economic impact.
For goods made outside of the Athens MSA, local
value is created by wholesale and retail firms within the
4
TABLE 2
The Impact of UGA, Associated Institutions, and UGA Students
on Earnings in the Athens MSA
in FY 19981
(millions of dollars)
Expenditure
Source
Total Impact
on Earnings
UGA2
Salaries & Benefits
Operating Expenses
Construction
Sub-total
316.8
30.1
31.2
378.1
Athletic Association
Salaries & Benefits
Operating Expenses
Construction
Football Spectators
Basketball & Gymnastics Spectators
Sub-total
7.5
4.2
2.1
1.4
0.6
15.7
Students
Retail
Shelter
Utilities
Restaurants
Entertainment
Other
Sub-total
29.6
3.8
4.9
7.7
8.4
7.4
61.4
Grand Total
455.2
1
Fiscal year 1998 is July 1, 1997 through June 30, 1998. The Athens MSA includes Clarke, Madison, and Oconee
counties.
2
Totals do not include salaries paid to graduate assistants and student employees.
Source: The University of Georgia, Selig Center for Economic Growth, Terry College of Business, and the Office of
Institutional Research and Planning (August 1998).
Georgia Business and Economic Conditions
5
EXHIBIT 2
HOW MULTIPLIERS CAPTURE THE
IMPACT OF RESPENDING INITIAL IMPACTS
IF THE OUTPUT MULTIPLIER EQUALS 2.0
$100
$50
-Leakage
$25
-Leakage
$50
$25
$12.50 -Leakage
$12.50
I
Initial
t
1st
2nd
3rd
Initial Direct or Indirect Impact:
First Round of Respending:
Second Round of Respending:
Third Round of Respnding:
Fourth Round of Respending:
Fifth Round of Respending:
Sixth Round of Respending:
Seventh Round of Respending:
4th
5th
$100
$50 respent locally,
$25 respent locally,
$12.50 respent locally;
$6.25 respent locally;
$3.12 respent locally;
$1.56 respent locally;
$.78 respent locally;
Total Economic Impact: $200
Total Leakage:
6th
7th
$50 leakage*
$25 leakage
$12.50 leakage
$6.25 leakage
$3.12 leakage
$1.56 leakage
$.78 leakage
$100
*Leakage indicates amounts spent outside area and not recirculated locally.
Source: The University of Georgia, Selig Center for Economic Growth, Terry College of Business, and the
Office of Institutional Research and Planning (August 1998).
MSA, but not by the manufacturing firms that originally
produced the goods elsewhere. For example, when a
student buys a tank of gas in Athens, the benefit to the
local economy consists only of what the wholesaler and
retailer makes, which merely is a portion of the total
price at the pump.
Conceptually, economic impacts fall into three broad
categories: direct, induced, and total impacts. Direct
impacts are the share of university-related spending that
purchases goods and services produced by the Athens
MSA’s businesses, investors, households, and governMay-June 1999
ments to satisfy the additional demand. Induced impacts
are the multiplier effects, created by re-spending the
amounts involved in the direct impacts. The total economic impact of university-related spending therefore is
the sum of the direct and induced impacts (see Exhibit 1).
The Multiplier Concept
In essence, multipliers capture the impact of the
initial round of spending plus the impacts generated by
successive rounds of re-spending of those initial dollars.
6
The magnitude of a particular multiplier depends upon
what proportion of each dollar spent leaves the region
during each round of spending.
Exhibit 2 illustrates the successive rounds of spending that might take place if a student buys an item locally.
Assume that the amount spent is $100 and that the
appropriate regional output multiplier is 2.0. The initial
injection of spending to the region is $100, which creates
a direct economic impact of $100 to the regional economy.
Of that $100, only $50 is re-spent locally; the rest flows
out of the region through non-local taxes, non-local
purchases, and income transfers. After the first round of
re-spending, the total economic impact to the region is
$150. During the second round of re-spending, $25 is respent locally and $25 leaks out of the region, a 50 percent
leakage. Now the total economic impact to the region is
$175. After seven rounds of re-spending, less than one
dollar remains in the local economy, but the total economic impact has reached almost $200. The induced
impact to the region ($100) equals the total impact
($200) minus the direct impact ($100).
T
he multiplier traces the flows of re-spending that
take place throughout the region until the initial
dollars have completely leaked from it to other
regions. Obviously, multiplier effects within
large, self-sufficient areas are likely to be larger than
those in small or specialized areas that are less able to
capture spending for necessary goods and services.
Multiplier effects also vary greatly from industry to
industry. In general, the greater the interaction with the
local economy, the larger the multiplier for that industry.
For example, the construction, personal services, repair
services, lodging, and entertainment industries typically
have intricate relationships with local supporting industries, and therefore have relatively high multiplier values. Conversely, real estate, electric, gas, and sanitary
services usually are less intertwined with local supporting industries, and their multiplier values are lower.
The multiplier values used in this study were obtained from customized versions of the U.S. Department
of Commerce’s Regional Input-Output Modeling System (RIMS II), and the Bureau of Economic Analysis
(BEA) provided multiplier values specific to the Athens
MSA. Output multiplier values for the various industrial
sectors varied widely, ranging from a high of 2.1458 for
farm products and agricultural, forestry, and fishing
services to a low of 1.0000 for motor vehicle manufacturing, oil and gas extraction, and coal mining.
RESULTS
Estimating the economic impact of the University
on the Athens MSA involves several steps. First, records
of FY 1998 expenditures by the University and its
Athletic Association were adjusted to reflect spending
that immediately flows to recipients located within the
Athens MSA. Next, local expenditures by UGA students and by fans attending football, basketball, and
The RIMS II Model
RIMS II estimates multipliers that can be
used to assess the regional impacts of expenditure
flows on output (gross receipts or sales), earnings
(the sum of wages and salaries), proprietors’
income, and other labor income, and employment
(full- and part-time jobs).
As do all regional models, however, RIMS II
must make assumptions about economic activity,
and therefore has some limitations. (1) The model
assumes constant returns to scale and no substitution among inputs in producing each industry’s
output, which is reasonable for most, but not all,
cases. (2) RIMS multipliers are best suited for
analyzing the impacts of changes in expenditures
that are small relative to the regional economy.
(3) RIMS II is a single-region model and cannot
analyze feedback effects from nearby regions.
(4)The multipliers are a snapshot of the economic
linkages of the area at a specific time, and implicitly assume that the infrastructure of the area does
not change. Accordingly, the RIMS II model does
not show the induced economic impacts of expenditures on the region’s infrastructure. The multipliers can, however, account for the economic
impact of direct changes in investment spending.
For example, the multipliers estimate the economic impacts of spending by UGA on new
construction, but do not estimate the induced
impacts of expenditures by other sectors on the
new construction sector. Of course, not capturing
induced investment spending produces more conservative impact estimates.
gymnastics were estimated. Finally, for each category of
direct spending, the total economic impact was estimated using the RIMS II model for the Athens MSA.
Direct Spending by the University
Expenditures by UGA in FY 1998 totaled $733.8
million, divided among salaries ($376.3 million), fringe
benefits ($98.9 million), operating expenses ($146.4
million), construction ($65 million), and equipment
($47.2 million). This total does not include all budget
categories, however. For example, expenditures for travel
and student financial aid are excluded because spending
on travel primarily flows to recipients located outside of
the Athens MSA; and spending by students is accounted
for separately, so its inclusion here would double count
its economic impact.
Although 15,228 individuals received salaries totaling $376.3 million, this amount must be reduced by the
amounts paid to 2,474 graduate assistants ($28.5 milGeorgia Business and Economic Conditions
7
TABLE 3
The Impact of UGA, Associated Institutions,
and UGA Students on Employment
in the Athens MSA in FY 19981
Expenditure
Source
UGA3
Salaries & Benefits
Operating Expenses
Construction
Sub-total
Athletic Association
Salaries & Benefits
Operating Expenses
Construction
Football Spectators
Basketball & Gymnastics
Spectators
Sub-total
Students
Retail
Shelter
Utilities
Restaurants
Entertainment
Other
Sub-total
Grand Total
Total Impact on
Employment2
(number)
9,875
1,060
1,219
12,154
327
149
80
289
36
881
1,629
148
130
539
421
397
3,264
16,299
1 Fiscal year 1998 is July 1, 1997 through June 30, 1998.
The Athens MSA includes Clarke, Madison, and Oconee
counties.
2 Full- and part-time jobs.
3 Totals do not include graduate assistants and student
employees.
Source: The University of Georgia, Selig Center for Economic
Growth, Terry College of Business, and the Office of Institutional
Research and Planning (August 1998).
lion), 2,837 student employees ($12.8 million), and 3,180
employees who live outside the MSA ($93.4 million).
Using April 1998 data as a proxy for the fiscal year
average level of employment and salaries, the resulting
direct economic impact of UGA’s wages and salaries on
the Athens MSA is $241.7 million and 6,737 jobs. Fringe
benefits associated with these 6,737 jobs totaled $80.9
million, but only about $20.2 million of which can be
counted as direct spending that affects local economic
activity. (Payments to state retirement plans and federally-mandated programs are assumed to have no shortterm economic impact on the Athens MSA.) The locally
relevant portion of UGA’s direct expenditures for payroll
($241.7 million) and fringe benefits ($20.2 million) therefore is $261.9 million in FY 1998.
UGA’s expenditures for operating expenses and
equipment purchases totaled $193.6 million in 1998, but
this amount includes outlays for many units that are not
located in the Athens or are only partially within the area,
such as the Agricultural Experiment station in Tifton, the
Savannah River Ecology Laboratory, the Skidaway Institute of Oceanography, and the Cooperative Extension
Service’s offices. When these expenditures are subtracted
from the total, the relevant portion of expenditures for
operating expenses and equipment purchases is $162.7
million. In addition, this amount must be reduced by an
estimated $69.9 million in purchases that went to recipients who live or work elsewhere. So total direct spending
in Athens for operating expenses and equipment purchases is $92.8 million. The University also spent $65
million on construction projects in the Athens MSA.
In all, the direct economic impact of spending by
UGA on the Athens MSA amounts to $419.8 million,
including the sum of direct spending for salaries and
fringe benefits, operating expenses and equipment, and
construction.
Direct Spending by the
UGA Athletic Association
The Athletic Association’s expenditures were $30.2
million in FY 1998, divided among salaries and fringe
benefits, operating expenses and equipment, and construction. After subtracting non-local spending, direct
spending in the MSA is estimated at $17.4 million,
including $6.3 million in salaries and fringe benefits, $6.9
million in operating expenses, and $4.3 million in construction. The Athletic Association employed 344 persons in FY 1998, but their places of residence were not
available at the time this study was conducted. Based on
UGA’s records, however, we estimate that 251 of these
employees live in the Athens area.
Direct Spending by Sports Fans
Sporting events sponsored by the Athletic Association bring many visitors to Athens, and their expenditures
are a direct economic impact. The Association’s ticket
office sold 380,136 tickets to persons living outside the
May-June 1999
8
MSA, including 338,136 football tickets, 21,000 basketball tickets, and 21,000 gymnastics tickets. Visitors
attending these events spent an estimated $12.8 million
in the Athens, including $11.4 million by football fans
and $1.4 million by basketball and gymnastic spectators.
Of course, these amounts reflect varying assumptions
about the length of spectators’ visits (an overnight stay
versus a day trip) and type of accommodation for those
staying overnight. For example, an overnight visitor
staying in a hotel or motel (assuming double occupancy)
spent $85, visitors staying with friends or relatives spent
$40, and those making day trips spent $30.
make all of their attendance-related purchases locally.
During academic year 1997-98, UGA’s quarterly enrollment was 13,165 in Summer 1997; 29,693 in Fall
1997; 28,687 in Winter 1998; and 27,592 in Spring 1998.
An estimated 89.6 percent of them lived in the Athens
MSA, or 11,797 in Summer 1997; 26,608 in Fall 1997;
25,707 in Winter 1997; and 24,726 in Spring 1998.
Adding together the quarterly estimates yields 88,839
quarters of spending, which then is multiplied by students’ average quarterly expenditures. The result indicates that during FY 1998, students spent $221.2 million
in the Athens MSA.
Direct Spending by UGA Students
Direct and Total Output Impact
of UGA on the Athens MSA
UGA’s students spend significant amounts of money
Direct spending accruing to the Athens MSA in FY
in the Athens MSA as a part of their living expenses.
1998 totaled $671.1 million, including spending by
Because the funds to support their spending come primaUGA ($419.8 million), UGA’s Athletic Association
rily from sources outside the MSA, they can be counted
($17.5 million), visitors attending athletic events ($12.8
as a direct economic impact.
million), and spending by stuSpending by local residents who
dents ($221.2 million). As
are students at the University
noted previously, these imalso should be counted as direct
pacts also include the induced
WHERE THE MONEY GOES
economic impact, because this
impacts that are created
money would be lost to the rethrough the multiplier effects.
gional economy if they attended
Excluding tuition and fees, students
For each type of spending,
college elsewhere.
spend on
the RIMS II model was used to
The dollar value of spend■ shopping
calculate its total output iming by students during FY 1998
■ rent
pact on the Athens MSA (sumwas estimated in several steps.
■ utilities
marized in Table 1). The comFirst, average annual spending
■ restaurants
bined impact of direct expenper student for all items except
■ entertainment
ditures and their subsequent
tuition and fees was calculated.
re-spending was $966.1 milSince a detailed survey of UGA
lion: $671.1 million (69 perstudents’ spending habits was
cent) represents direct expenimpossible, the expenditure esditures and $295 million reptimates are based primarily on
resents induced impacts (31
percent).
data obtained from the U.S. Bureau of Labor Statistics’
Spending by UGA itself and the associated induced
Consumer Expenditure Survey, 1994-95, published in
spending account for $673.4 million, or 70 percent of the
December 1997. Spending estimates for education, health
total output impact. The economic impact (including the
care, and public transportation were eliminated to premultiplier effect) of spending by the Athletic Associavent possible double counting because UGA receives
tion and sports fans was $44.6 million, or 5 percent of the
payments from students for these items, which in turn
total output impact. Spending by students and its associsupport UGA’s expenditures, the economic impact of
ated induced spending contributed 26 percent of the total
which has already been calculated. Expenditures for
economic impact, or $248.1 million. Dividing the total
Social Security and new car purchases also were elimioutput impact by direct spending yields an average
nated. After adjustment, the average expenditures per
multiplier value of 1.44. On average, therefore, every
student—excluding tuition and fees—were estimated at
dollar of direct University-related spending generated an
$2,490 per quarter.
additional 44 cents for the Athens MSA’s economy.
According to the University’s Office of Student
Financial Aid, the cost of attendance for an undergraduate living off campus in the 1997-98 academic year was
Total Earnings and
$3,004 per quarter (not including tuition and fees).
Employment Impacts
Similarly, the estimate for a graduate student was $3,012
per quarter. For those who live on campus, costs per
quarter range from $2,221 for undergraduates to $2,216
The economic impact of UGA on the Athens area is
for graduate students.
most easily understood in terms of its effects on earnings
Presumably, students residing in the Athens MSA
and employment. Note that earnings impacts already are
Georgia Business and Economic Conditions
9
TABLE 4
Number and Total Salaries of UGA Employees
in FY 1998, by Occupational Category
and Place of Residence1,2
(number; millions of dollars)
Place of Residence
Athens MSA
Occupational
Category
Executive/Administrative/
Managerial
Faculty
Professional Non-Faculty
Clerical and Secretarial
Technical and
Paraprofessional
Skilled Crafts
Service/Maintenance
Total
Number
Salaries
448
1,858
1,314
1,108
36.5
103.1
39.6
19.9
830
288
891
6,737
Non-Athens MSA
Number
Total
Salaries
Number
Salaries
76
791
617
586
5.9
38.1
16.9
11.2
524
2,649
1,931
1,694
42.3
141.2
56.5
31.2
20.7
8.0
14.0
497
202
411
9.4
5.6
6.2
1,327
490
1,302
30.1
13.6
20.2
241.7
3,180
93.4
9,917
335.1
1 Fiscal year 1998 is July 1, 1997 through June 30, 1998. The Athens MSA includes Clarke, Madison, and Oconee
counties.
2
Totals do not include salaries paid to graduate assistants and student employees. Totals also do not include the
University of Georgia Athletic Association, Inc.’s full-time and part-time employees.
Source: The University of Georgia, Selig Center for Economic Growth, Terry College of Business, and the Office of
Institutional Research and Planning (August 1998).
included in the output impacts (although not separately
stated) and should not be added in again. Employment
impacts are simply another measure of economic impact
and should not be added to either the output or the
earnings impacts.
Table 2 reports the total earnings impact, including
induced effects, for each category of direct spending.
The data show that UGA’s presence generated $455.2
million in earnings for area residents in FY 1998. Spending by the University itself generated $378.1 million in
earnings, or 83 percent of the total earnings impact. The
Athletic Association’s expenditures and spending by
sports fans generated $15.7 million in earnings, 3 percent of the total earnings impact. Spending by students
generated $61.4 million in earnings, or 13 percent of the
total earnings impact.
Employment impacts resulting from the University’s
presence totaled 16,299 full- and part-time jobs (see
Table 3). Employment generated directly or indirectly
by UGA-related spending accounts for more than 22
percent, or more than one job in five, of all the jobs held
by local residents.
May-June 1999
LIMITATIONS
Due to lack of survey research, several important
types of short-term University-related expenditures were
not estimated, including spending by most types of
visitors and spending by retirees from UGA who live in
the area. Expenditures supported by UGA employees’
non-university income—such as consulting fees—also
were not estimated.
Survey data also could determine the percentage of local
students who would have obtained their degrees elsewhere if the University were not in Athens.
Perhaps the greatest limitation of this report is that no
attempt is made to evaluate the long-term impacts of
UGA on the economic development of the Athens MSA.
UGA not only spends money year by year, but also has
long-term impacts on the labor force, local business and
industry, and local government. The University improves the skills of its graduates, thereby increasing their
productivity and their lifetime earnings. Local businesses benefit from their ready access to a large pool of
10
workers, a critical factor when unemployment rates are
low and labor markets are tight. In addition, companies
that depend on highly specialized skills often cluster
around universities, as do new businesses that are spun
off from the insitution itself.
frequently visited by the public. In addition, we did not
consider the costs to the community of having UGA in its
midst. Nonetheless, these statistics show that the University and Athens are inextricably intertwined, and
continued mutual cooperation is vital. ■
CONCLUSION
This study is a first attempt to describe the real
economic benefits of UGA to the local area. Of course,
there are enormous qualitative benefits to the community that we did not discuss, including the wide variety of
facilities—from the Botanical Garden to the music halls—
Jeffrey M. Humphreys is assistant director of the Selig
Center for Economic Growth in the Terry College of Business; David G. Clements is director of UGA’s Office of
Institutional Research and Planning, of which JoAnne Lowe
and Tracie W. Sapp are associate director and assistant
director, respectively.
Georgia Business and Economic Conditions